Citigroup added HPQ to its "U.S. focus list" this morning, and reiterated its "buy" rating for the stock. Hewlett-Packard Company has gained close to 88% so far this year, yet the sentiment scales among the brokerage bunch remain bearishly tipped. Only three analysts have deemed the security worthy of a "buy" or better endorsement, compared to 12 "holds" and five "sell" or worse suggestions. Even more telling, the equity's average 12-month price target of $24.65 reflects a discount to yesterday's closing price of $26.74. This leaves the door wide open for further upgrades and/or price-target hikes, which could help propel the shares higher.

CREE -- which is due to report quarterly earnings after today's close -- scored a price-target hike to $65 from $49 at Canaccord Genuity ahead of the open. The security has soared more than 168% on a year-over-year basis to perch at $74.75, so it's no surprise that call buyers have been targeting Cree, Inc. lately. The equity's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio sits at 2.92, confirming calls bought to open have nearly tripled puts during the past two weeks. This ratio ranks in the 67th percentile of its annual range, meaning traders have been scooping up calls over puts at an accelerated clip.

Up more than 26% year-to-date to hover at $43.20, WFC saw its price target lifted to $47 from $46 at BMO in pre-market activity. The equity has bested the broader S&P 500 Index (SPX) by almost 7 percentage points over the past three months, yet puts remain popular with the near-term options crowd. Schaeffer's put/call open interest ratio (SOIR) for Wells Fargo & Co checks in at 1.32, with puts outstripping calls among options slated to expire in the next three months. In fact, this ratio registers higher than all similar readings collected within the last 12 months, signaling short-term traders are more put-heavy toward the stock now than at any other time during the past year.